SINGAPORE – The 3,047 F&B closures in 2024 was an almost-20-year record high. This was surpassed only by the year 2005, which saw 3,352 restaurant closures.

But it was not all doom and gloom as there were over 3,790 new eateries opening in 2024, more than the number shutting that same year. 

The number of new F&B businesses in 2024 was the second highest in the past 20 years, according to data aggregated by the Singapore Department of Statistics and sourced from the Accounting and Corporate Regulatory Authority. That figure was pipped only by the year 2021, which ushered in a record high 3,934 new openings as the sector emerged from the Covid-19 pandemic. 

With inceptions still outpacing closures, Mr Geoffrey Tai, manager of the lifestyle and consumer experience domain at Temasek Polytechnic’s School of Business, is “cautiously optimistic” about the F&B sector in 2025. 

He believes that the surge in 2005 closures could have been due to the lingering effects of the 2003 Sars crisis. “Many businesses, stuck in lease obligations (usually two years), had to push through difficult times. By 2005, they’d simply run out of options and had no choice but to close,” he adds. 

Following this, potential entrepreneurs could have been cautious about the unstable market and regained confidence to open only from 2006 onwards. 

This time round, while the high number of closures in 2024 is concerning, he notes that it is not something to panic over.  

“Singapore’s F&B landscape is vibrant and resilient. We saw some establishments close, but this also opens up space for new ideas and businesses as entrepreneurs are eager to meet evolving demands and experiment with new concepts,” he says. 

And it is not the end for several restaurants that closed.

Violet Oon Singapore’s Jewel Changi Airport outlet may have shut on Feb 3, but its next offshoot at Dempsey is slated to open by end-March. Restaurateur Violet Oon has two other outlets at National Gallery Singapore and Ion Orchard. 

Another pending closure at Jewel Changi Airport is halal restaurant Elfuego by Collin’s, on Feb 28. The home-grown Collin’s continues to run its Western food chain at 15 other locations.

And while Singapore actor Ben Yeo will wind up his high-end modern Chinese restaurant Tan Xiang Yuan in Dickson Road on Feb 12, it is business as usual at his more casual F&B esta...